Gov't to help Chinese-owned Pan Caribbean Sugar factory
The government is taking urgent steps to help the Monymusk Sugar Factory operated by the Chinese-owned Pan Caribbean Sugar Company which has been struggling financially.
The Clarendon-based sugar factory has reportedly racked up losses of about US$60 million and has expressed plans to close its operations in Jamaica by June.
The closure comes against the background of the significant decline in the price of sugar on the world market.
In January, the company announced that the positions of 279 sugar workers were being made redundant.
Speaking at today’s post cabinet press briefing Minister of Information, Senator Ruel Reid, said the government is now in dialogue with the company with a view to seeing how it can provide some kind of assistance.
Earlier this month, Agriculture Minister Karl Samuda met with the management of the sugar factory and other stakeholders to discuss the problems there.
Samuda said the planned closure of the factory will be disastrous for Clarendon adding that the government is committed to keeping Monymusk afloat.